“Yet Apple has another performance measure that few appreciate, its judicious use of capital employed,” Winkler reports. “To boost profits, most companies have to invest more capital. Yet even as Apple increased operating income 84% in the year ending September 2011, capital employed fell.”
Winkler reports, “Moreover, thanks to the efficiency with which Apple manages much of its balance sheet, the capital invested in its business is actually negative. In other words, Apple gets paid for its products faster than it pays to make them.”
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Piper Jaffray advises investors to own Apple stock ahead of July 24 Q312 earnings release – July 16, 2012